Hot US new homes market sees biggest jump in 25 years

AFP,  WASHINGTON: New US home sales saw their largest monthly increase in more than 25 years in November, with buyers in the fire-stricken West snatching up new houses at a rapid rate, according to government data released Friday.

The increase pushed the volume of sales to a fresh 10-year record, putting the pace at its fastest since before the US housing crisis erupted.

The hot market also meant the supply of homes for sale shrank markedly, with biggest monthly drop in 21 years, the Commerce Department reported.

Despite the tightening market, prices cooled for the second month in a row.

Sales of new homes soared 17.5 per cent compared to October, reaching an annual rate of 733,000 units, seasonally adjusted—the largest monthly increase since January 1992 and the fastest sales pace since July 2007.

 

Hot US new homes market sees biggest jump in 25 years

AFP, WASHINGTON: New US home sales saw their largest monthly increase in more than 25 years in November, with buyers in the fire-stricken West snatching up new houses at a rapid rate, according to government data released Friday. The increase pushed the volume of sales to a fresh 10-year record, putting the pace at its fastest since before the US housing crisis erupted. The hot market also meant the supply of homes for sale shrank markedly, with biggest monthly drop in 21 years, the Commerce Department reported. Despite the tightening market, prices cooled for the second month in a row. Sales of new homes soared 17.5 per cent compared to October, reaching an annual rate of 733,000 units, seasonally adjustedthe largest monthly increase since January 1992 and the fastest sales pace since July 2007.